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Mom hugging her 2 months old baby before she is likely euthanized!

If you are in the process of buying a home, you might be surprised at just how expensive it is. Not only are there the actual monthly mortgage payments to take into account, but there are also the completion fees, survey costs and solicitor fees, among others. This may be one reason many people don't get mortgage insurance, since the payments they already make are so expensive.

However, mortgage insurance is important because if you don't have it, you could be caught short if for some reason you have some kind of difficulty and can't pay your mortgage for a time. In the end, this trouble will cost you far more than any extra mortgage insurance premiums you might have to pay. You may also be able to get mortgage insurance very cheaply, depending on what your circumstances are.

The Benefits of Mortgage Insurance

Most obviously, mortgage insurance benefits you because it offers you protection against any unexpected financial problems you may encounter that would leave you unable to pay your mortgage payment. This can be sickness, accident or unemployment. However, if you have mortgage insurance, at least you won't have to worry about not having a roof over your head while you worry about these and other problems.

For example, if you happen to be a victim of a car accident and you end up with a broken leg or two, you may have to be out of work for a period of time. Many recuperation periods for these types of injuries last about six to eight weeks. Of course, you can be out of commission for an even longer period of time if injuries are more serious.

Now, if this were you, you can see how you might struggle to try to make your mortgage payments if you don't have mortgage insurance. Of course, you may have savings, but if you're injuries happen to be serious enough that your time off of work will be protracted, this is going to be a consideration, because you'll also need to be covering other expenses such as groceries and the electric bill. This is where mortgage insurance will help you financially so that you can use whatever savings you have to meet other necessary expenses beside your mortgage.

Mortgage Insurance Is Inexpensive Peace of Mind

It might surprise you to know that mortgage insurance is not that expensive, although many people think so and usually try to forego it. It does, indeed, involve a bit of extra cost, but not very much. In fact, it may even cost you as little as a couple of pounds a month.

If your lender or other entity has given you a high quote, take heart. These are some of the most expensive ways you can actually get mortgage insurance, and it's much cheaper to shop around online. In fact, you can save as much as 40% over what the high street insurer or broker might offer you if you do buy your mortgage insurance online.

If you're still unsure as to whether or not you need mortgage insurance, take a moment to discover what the cover entails. You may think, for example, that you're young and healthy and won't be needing such cover for a long period of time. However, becoming sick or suddenly losing your job may not be things you can predict. Therefore, it simply makes sense to have mortgage insurance. If you're still confused about what it covers, ask your advisor to explain it to you clearly and simply so you can see just what it has to offer you.

Tesa #A1999237 2 yo terrier mix (Fox) and Charlie #A1999234 2 months old. Imagine my surprise when at last minute I see baby tucked under mom.. what a sweet sight to behold. She is gentle and protective of her offspring, on guard with visitors, but not aggressive.

Hoping a wonderful rescue will take both! They will be available 11/13. Mom is about 15-17 lb. This is no place for a puppy, please network widely before either or both get sick!

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We are NOT the City Shelter to where pictures were taken. FOR MORE INFO ON THIS PET please contact:
Miami Dade animal services at 305–884-1101
Pet Adoption and Protection Center
Shelter address: 3599 NW 79th Ave, Doral, FL 33166
Ask for information about animal ID number Tesa #A1999237 and Charlie #A1999234

STATUS : - read comment for update from crossposter
An often overlooked cost of buying a new home is private mortgage insurance, usually simply called PMI. The basic idea behind PMI is simple. When a home buyer buys a house with less than 20% of the home's value as a down payment, the mortgage lender assumes a larger risk. In most cases, the lender will require that the buyer - that's you - purchase private mortgage insurance that will pay off your mortgage if you default on it.

Because PMI is an added expense for the consumer, the federal government has a number of regulations regarding PMI. There are specific rules that mortgage lenders must follow if you signed (or will sign) a mortgage after July 29, 1999. That's when The Homeowner's Protection Act of 1998 (HPA) went into effect. In addition, many states have their own laws regarding private mortgage insurance that are designed to protect homeowners and save them money.

Like many other things about buying a new home, the rules surrounding private mortgage insurance can be confusing. Here are some answers to commonly asked questions about PMI to help make it a little clearer.

Who has to pay PMI?

Most lenders require private mortgage insurance from home buyers who put down less than 20% of the total value of their home - or conversely, who borrow more than 80% of the total value of their home. This isn't a hard and fast rule, though. Many lenders are loosening their requirements for PMI to buyers with good credit, or who meet other requirements.

How much does PMI cost?

Usually, the premiums on private mortgage insurance are about .5 percent of your loan total. If you take out a mortgage for $100,000, the PMI premium for the first year will be around $500. On a $200,000 mortgage, you'll pay about $1,000 for the first year's premium. Usually, your premiums will be lower each year, since it's based on the amount that you owe on your mortgage.

When do I have to pay the PMI premiums?

Most lenders require that you pay the first year's premium at closing, so don't forget to add it in when you're figuring out your closing costs. For subsequent years, you'll pay it along with your monthly mortgage payment.

Do I have to pay for PMI until my mortgage is paid off?

No. The length of time you have to maintain PMI varies from state to state and lender to lender, but you can generally cancel your PMI when you have between 20% and 25% equity in your home. The actual PMI percentage depends on the default mortgage rate in your state. There are usually other requirements as well, such as no late payments in the year before you request cancellation, and no other mortgages or liens against your property.

How do I cancel my PMI?

Under the provisions of the HPA, your lender must automatically terminate your PMI when you've paid down your mortgage to 78% of the original purchase price or the appraised value of your home when you bought it, whichever is less, as long as your mortgage payments are current when you reach 78%. If the mortgage was considered a high risk loan, it can be when you reach 77%.

What does my mortgage lender have to tell me?

When you close on your house, you must be informed of:

- the date that you can request cancellation of PMI

- when your PMI will be automatically terminated

Once a year, you must be informed of:

- your right to cancel or terminate your PMI

- a contact address or phone number where you can find out when you can cancel your PMI

When your PMI is canceled, you must be informed that:

- Your PMI has been canceled, and you no longer have private mortgage insurance

- You no longer have to pay premiums for your private mortgage insurance.

What this all means is in terms of researching your home purchase, be wary of PMI consideration. Do your homework and determine what the best scenario is for you.